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We are Tenants,Home Foreclosed on,What are our Rights?

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by nmplank, Jul 13, 2010.

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  1. nmplank

    nmplank Law Topic Starter New Member

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    We recently learned that the home we signed a 1 year lease on was foreclosed on. We have only been in this home for 5 months. We paid all our rent and on time. Bank of America was the mortgage holder and who now owns the home. Through their attorneys(they will not speak to us directly) they have told us they will have us forcibly removed in 90 days if we do not accept $1000 and get out in 30 days.

    While we appreciate that it is not them who took our rent or put us in this position, this is simply not enough for a family of 5 to get into a new home with quickly.

    Our rent here was 1195.00 per month and we put a deposit down in the same amount. We have found a home we could move to on August 1st that is 975.00 per month and requires an equal deposit. There is also time lost at work, moving van, and utility transfers to consider.
    We read up on this "Cash for Keys" program online and saw that counteroffers were the norm, so we told the attorneys we offered to be out by August 1st in exchange for $2500 to cover deposit and first months rent plus van etc etc.
    They did not return our call for 5 days and today they did with more threats of "forcibly removing us" if we did not accept the $1000.00

    I researched and found the the Protecting Tenants at Foreclosure Act and see that since this is the bank who owns the home now and not someone who wants to use it for primary residence that according to Sec 702 sec a part 2, says that a tenant with a bona fide lease may occupy the premises for the remainder of the lease.
    We asked them about this and they claimed ignorance of this law and again threatened the forcibly removed in 90 days.

    So my q's are as follows and any advice and guidance is greatly appreciated;

    We are not sure what to do at this point?
    Are we correct in our interpretation of the law I mentioned above(sorry I tried to link to it, but being new the forum would not allow me to)?
    Is this legal for them to threaten us like this?
    Also, is it reasonable for us to counter offer in the amount we did?

    I have researched all I can and am able to understand and I feel like they are either bullying us or we are greatly misunderstanding our rights and/or how the Cash for Keys program even works if our offer was not even considered or taken to BOA by their lawyers. We have no idea how to respond from here?
  2. army judge

    army judge Super Moderator

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    Simply put, your lease protects you.
    You don't have to leave until your lease expires.
    You can ignore any threat from anyone.
    Keep paying your rent on time and to the right person/entity.
    At some point, you may even have to pay your rental fees into an escrow account.
    You can also ask for more money to leave early.
    Or, you can stay in your home, secured by your leasehold.

    Of course, you were free to make a counter-offer.
    If they don't accept it, so what?
    You can stay in the home until you are evicted.
    They can't evict you.
    They have no reason to evict you.
    The law will protect you.
    They know that.
    In the interim, they are trying to bully you.

    You probably aren't communicating with lawyers.
    No lawyer would behave that way.
    A lawyer has too much to lose.
    A lawyer would know that you can't be evicted, just because someone wants you out.
    Just as you can't break your lease because you suddenly want out.
    A landlord can't just get a court to evict you, because someone else will pay double the rent you're paying.

    Both of you are stuck with each other, until the lease expires.
    And, barring some affirmative event or action, maybe longer.

    You are probably dealing with an unscrupulous, unprincipled, greedy real eastate broker or salesperson.
    They want you out.
    It may even be the person that bought the foreclosed home.
    Unfortunately, they are stuck with you.
    They are trying to scare and bully you.
    You know your rights.
    The choice is up to you.
    They bought a house and your lease.
    They have to honor it, if you hold them to it.

    Besides, if they could evict you, why would they offer you $1,000?
    They wouldn't.
    They would have simply taken you to court.

    Sent from my iPhone using Tapatalk
    Last edited: Jul 13, 2010
  3. nmplank

    nmplank Law Topic Starter New Member

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    Thank you for that! That is everything we have been thinking too but finally had starting doubting ourselves.

    It is great to read we are not crazy or wrong in our understanding of all this. Much much thanks!

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